Company News
Yongtai Group enters administration
The Chinese Yongtai Group, which once ranked as the 32nd largest tyre manufacturer in the world and which used to produce World Rally Championship tyres for DMack as well as the well-known Durun budget brand, is bankrupt. Shandong Yongtai Group Co., Ltd. officially entered administration on 16 July 2018. On 4 August 2018 Shandong Dongying Intermediate People's Court published documents showing that Guangrao County-based Caijin Asset Management Co., Ltd.’s application for Yongtai to enter administration had been accepted. The Beijing-based Dacheng (Jinan) law firm was appointed as the administrator of Yongtai Group.
Tom Lovesy appointed general manager at Supertracker
Supertracker has appointed Tom Lovesy as its general manager. The son of managing director, Trevor Lovesy, and grandson of original founder Keith Lovesy, Tom’s appointment shows the continuity of the wheel alignment specialist’s ownership. The company is preparing to enter its third generation of family management as one of the leading wheel alignment specialists in the UK market.
Maxion Wheels to exhibit at Reifen 2018
Maxion Wheels, the world’s largest wheel producer, has announced its participation in next month’s Reifen show. The company can be found in Hall 12.1, at Stand D24 during the exhibition, which will be held alongside Automechanika Frankfurt between 11 and 15 September.
Lower earnings for Pakistan’s Gentipak in 2017-18
General Tyre and Rubber Company of Pakistan Limited reports net sales for the financial year ending 30 June 2018 increased 22.2 per cent year-on-year to PKR 11,785.5 million (£78.7 million). Profit from operations amounted to PKR 1,190.1 million (£7.9 million), down 8.7 per cent on the previous year’s result. Total comprehensive income for the year was PKR 671.4 million (£4.5 million), 20.7 per cent lower than in the 2016-17 financial year. Earnings per share amounted to PKR 11.97 (2016-17: PKR 14.75).
Nexen Tire continues ‘successful’ Manchester City FC sponsorship
Upon kicking off its sponsorship of Manchester City FC for 2018/19, Nexen Tire states that it plans to continue utilising its relationship with last season’s Premier League champion throughout the game season to “expand its global loyal fan-base by increasing touchpoints for customers to directly engage and experience the Nexen Tire brand.” As was the case in 2017/18, Nexen will continue as official sleeve partner.
Test World opening indoor wet and dry asphalt test tracks
Next month, Test World will open its new temperature-controlled wet and dry asphalt indoor tracks at its facility near Ivalo, Finland. These new tracks complement the new and extended snow and ice indoor tracks that opened in April.
Liqui Moly to sponsor 2019 World Handball Championship
The German oil and additive specialist Liqui Moly is continuing to expand its sport sponsorship: the company is now also the official sponsor of the World Handball Championship, which is will take place in Denmark and Germany in January. "This world championship is one of our global lead sponsorships," says Peter Baumann, marketing director at Liqui Moly.
Electronic trading part of Optimal UK’s evolution
Optimal UK has implemented electronic trading with customers into its business as part of its plans to grow substantially in the automotive aftermarket in the next few years. As a PACT-enabled supplier – the joint electronic trading initiative between eparts & TecAlliance – Optimal UK is currently communicating with distributors electronically, allowing them to make enquiries and place orders.
Philip White Tyres appoints Marcus White as UK & EU sales manager
Marcus White has joined the Philip White Tyres Group (PWT) in the role of UK & EU sales manager. White is tasked with developing awareness and interest in Sunwide, a PWT-exclusive “value” brand of car, van, and SUV tyres, as well as a network of significant tyre dealers and regional wholesalers who can take Sunwide tyres direct by the container, the company states.
National to unveil full aftermarket proposition at Automechanika Frankfurt
National Auto Parts will be exhibiting at Automechanika Frankfurt, showcasing its full product range on Stand D82 in Hall 5.1, taking place at Messe Frankfurt on 11-15 September 2018.
Delticom: Income significantly up in H1 2018
During the first half of 2018, online tyre retailer Delticom achieved revenues of 290.5 million euros, a year-on-year decrease of 2.2 per cent. EBITDA rose 36.0 per cent to 6.8 million euros and the margin increased from 1.7 per cent to 2.3 per cent. EBIT was up 16.2 per cent year-on-year to 3.2 million euros and net income increased 150.0 per cent to 2.0 million euros
Newest Goodyear blimp to be ‘christened’ on 30 August
Goodyear Tire & Rubber has selected Shaesta Waiz, the youngest woman to fly solo around the world in a single-engine aircraft, to christen Wingfoot Three. The ceremony for this latest addition to the Goodyear blimp fleet will be held on 30 August at Goodyear’s Wingfoot Lake Hangar.
Toyo Tires’ tyre business improves in H1 2018, results muted by ‘dampner scandal’
For Toyo Tire & Rubber, the first half of 2018 was a period of mixed fortunes. The manufacturer reports that turnover and earnings within its core tyre business increased 3.9 per cent during the six months to 30 June, with sales of 160,046 million yen (£1.1 billion) and operating income of 22,669 million yen (£160.8 million) resulting in a slightly improved profit margin of 14.2 per cent. Overall sales were down 3.3 per cent, to 185,738 million yen (£1.3 billion), due to decreased turnover within the company’s automotive parts business.
CPS Drivelink signs up to PACT electronic trading
CPS Drivelink has become the latest automotive business to embrace electronic trading with parts distributors in the automotive aftermarket.